{"id":5713,"date":"2014-10-31T00:00:00","date_gmt":"2014-10-31T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/10\/national_planning_holding_temp"},"modified":"2022-03-11T13:33:36","modified_gmt":"2022-03-11T19:33:36","slug":"national-planning-holding-temp","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/national-planning-holding-temp\/","title":{"rendered":"National Planning Holding Temporarily Stops Selling American Reality Capital Properties\u2019 Nontraded REIT sales After Disclosure of $23M Accounting Error"},"content":{"rendered":"\n

National Planning Holding, a broker-dealer network, says that it has temporarily stopped offering American Realty Capital Properties Inc.\u2019s (ARCP) non-traded real estate investment trusts for sale. The move comes after the real estate investment trust, run by Nicholas Schorsch, disclosed a $23 million accounting mistake. American Realty Capital is the top sponsor of nontraded REITs. Schorsch is its chairman.<\/p>\n

The National Planning Holding suspension impacts just one Schorsch product, the Phillips Edison \u2013 ARC Grocery Center REIT II. This is a new REIT with about $207 million in total assets.<\/p>\n

The four brokerage firms who are temporarily suspending sponsorship and distribution of the nontraded REITs by American Realty Capital Properties and its affiliates are SII Investments Inc., National Planning Corp, Investment Centers of America Inc., and INVEST Financial Corp. They are asking for Realty Capital Securities, the wholesaling broker-dealer for ARC products, to return unprocessed sales orders from INVEST advisers. They don\u2019t want the brokerage firm to process related new business.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

National Planning Holding, a broker-dealer network, says that it has temporarily stopped offering American Realty Capital Properties Inc.\u2019s (ARCP) non-traded real estate investment trusts for sale. The move comes after the real estate investment trust, run by Nicholas Schorsch, disclosed a $23 million accounting mistake. American Realty Capital is the top sponsor of nontraded REITs. 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